The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria’s economic recession is temporary; assuring that the country would soon exit the economic downturn in the first quarter of 2021.
The minister gave the assurance at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday in Abuja.
The Minister noted that the COVID-19 pandemic caused the current recession in Nigeria.
Mrs Ahmed said the current recession followed the pattern across the world where many countries had entered an economic recession due to the pandemic.
“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Mrs Ahmed said.
Recall that Nigeria had on Saturday slide into its second recession in five years.
Figures by the National Bureau of Statistics, NBS, said Nigeria’s economy had contracted by -2.48%.
The NBS had disclosed that the current recession was Nigeria’s worst in decades.